Furlenco’s FY24 Operating Revenue Declines 10%, Net Loss Down 2.3%

Furniture renting startup Furlenco reported a decline in its operating revenue while marginally reducing its losses in the financial year ended March 31, 2024.

The Bengaluru-based startup’s operating revenue declined 10.4% to INR 139.56 Cr in FY24 from INR 155.78 Cr in the previous fiscal year.

However, total revenue, including other income, declined 3.54% to INR 151.90 Cr during the year under review from INR 157.49 Cr in the previous fiscal year.

The company marginally improved its bottom line, narrowing its consolidated net loss by 2.3% to INR 129.97 Cr in FY24 from INR 127.04 Cr in FY23.

Founded in 2012 by Ajith Mohan Karimpana, Furlenco operates an online subscription-based furniture rental platform in Bengaluru, Mumbai, Delhi NCR, among others. It also sells furniture through its marketplace. 

The startup made headlines when Sleepwell mattress maker Sheela Foam announced acquiring a 10.5% stake in it for INR 107 Cr.

Where did Furlenco spend?

The furniture rental startup demonstrated strong cost management across major expense categories in FY24. Here’s a detailed breakdown:

Purchases of Stock-in-trade: The company’s inventory procurement costs increased 16.4% to INR 6.7 Cr in FY24 from INR 5.76 Cr in the previous year.

Employee Benefit Expenses: The company’s employee costs increased 8.3% to INR 47.78 Cr in FY24 from INR 44.10 Cr in FY23.

Finance Costs: Interest expenses stood at INR 32.12 Cr in FY24, more than doubling from INR 66.89 Cr in FY23.